UK lenders challenged by rising regulation

October 17, 2015 by Brendan

Lenders

According to a recent study, UK lenders are now facing greater challenges as compliance and regulation demands are increasing.

A survey conducted by EDM Mortgage Support Services, a provider of information management services and technology, revealed that a higher number of UK mortgage lenders are facing greater challenges than there were previously. The introduction of the Mortgage https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpget Review in 2014 created greater challenges for 75 per cent of lenders, as they believe that managing data is more important to ensure that the processes for applying and approval of mortgage loans is compliant with the new regulations.

Technology is a concern for 89 per cent of lenders, as they are aware that greater transparency is required throughout the audit trail of a mortgage application. The new regulations and increased demands for compliance were a concern for 70 per cent of lenders. The managing director of EDM Mortgage Support Services, Joe Pepper, said:

“Mortgage lenders and firms across the mortgage industry are facing a raft of challenges, not just from increasingly strident regulators but also new competitors, outdated technology systems, increasing levels of fraud and the need for process transparency.”

He added that lenders are now facing much greater challenges and the correct technological solutions were crucial to manage the challenges that they now face. The introduction of new regulations also has an impact on borrowers, as they face much stricter lending criteria from lenders. A mortgage adviser can help borrowers to make the most suitable decisions and find an affordable product, as they have undertaken stringent CeMAP training in Birmingham, Leeds or another city that offers it, which creates a foundation of industry knowledge.